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LEASE AGREEMENT

Lease Agreement

LEASE AGREEMENT | Document Parties: WESTERN RESERVE OF BRECKSVILLE, LLC. | WESTERN RESERVE BANK  | WESTERN RESERVE BANCORP Inc. You are currently viewing:
This Lease Agreement involves

WESTERN RESERVE OF BRECKSVILLE, LLC. | WESTERN RESERVE BANK | WESTERN RESERVE BANCORP Inc.

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Title: LEASE AGREEMENT
Date: 3/30/2005

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                                                                    EXHIBIT 10.9

 

                                      LEASE

 

      THIS INSTRUMENT OF LEASE made this 28th day of July, 2004, by and between

WESTERN RESERVE OF BRECKSVILLE, LLC., (hereinafter called "LANDLORD") and

WESTERN RESERVE BANK (hereinafter called "TENANT").

 

                                   WITNESSETH:

 

      SPACE RENTED: That the Landlord does hereby let and lease to the Tenant

the following described Premises, to-wit: 8751 BRECKSVILLE ROAD, SUITE 100,

BRECKSVILLE, OHIO 44141 (the "Premises") and in addition thereto Tenant's pro

rata share of the common area space of the entire building. Together such total

leased space is hereby described as the "Leased Rentable Space."

 

      TERM: The Tenant shall have and hold the Leased Rentable Space for the

full term of Ten (10) year(s), beginning on October 1, 2004 and terminating

September 30, 2014.

 

      RENT: The yearly rental for the first year which shall commence October 1,

2004, shall be One Hundred Fifty Thousand Nine Hundred Twenty-Three 50/100

Dollars ($150,923.50) payable in equal monthly installments of Twelve Thousand

Five Hundred Seventy-Six 96/100 Dollars ($12,576.96), payable on the first day

of each and every month in advance during the term of the Lease. During each

year of this Lease term, the rent shall be increased by 2% over the prior year's

rent. By way of example of the foregoing, the rent for the second year would be

$150,923.50 x 1.02 or $153,941.97, payable in equal and consecutive monthly

installments of $12,828.50 each. Each succeeding year shall be computed

accordingly. Failure of the Tenant to make monthly installments as required

under the terms of this Lease shall be considered a violation of this Lease and

the Landlord may take whatever action is necessary to secure his rights under

this Lease. Failure to make the monthly rental payment within five (5) days

after the due date shall result in a late charge

 

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of 5% of the outstanding balance. Said charge shall be billed each and every

month thereafter as long as there is an outstanding balance.

 

      OPTION TO EXTEND: Tenant, may be written notice to Landlord not less than

ninety (90) days prior to expiration of the original term of this Lease, extend

this Lease for an additional term of Five (5) years upon the same conditions

provided in the original term of the Lease. Tenant, may be written notice to

Landlord not less than ninety (90) days prior to expiration of the five-year

option of this Lease, extend this Lease for an additional term of Five (5) years

upon the same conditions provided in the original term of the Lease.

 

      UTILITIES: Tenant shall promptly pay for utilities rendered or furnished

to the Premises and Tenant's pro rata share of the commonly metered utilities

during the term of this Lease, including water, gas, electricity, trash and

sewer charges. Since utilities may not be individually metered, Tenant is

responsible for paying a pro rata share of all utilities paid by Landlord.

Landlord shall not be responsible to Tenant in damages or otherwise if any one

or more of said utility services or obligations is interrupted or terminated by

reason of any cause beyond Landlord's reasonable control. No such interruption

or termination of utility services shall relieve Tenant from any of its

obligations under this Lease. Tenant shall be responsible for any damage to

building caused by Tenant's failure to pay utility services that are

individually metered to the Premises that Tenant is required to pay.

 

      COMMON AREA MAINTENANCE AND REPAIR: Tenant shall be responsible for its

pro rata share of all common area maintenance expenses and repairs, including

exterior, interior, roof, parking lot and all other exterior and interior

structural fixtures and equipment, including HVAC systems.

 

      REAL ESTATE TAXES AND INSURANCE: Tenant shall also pay its pro rata share

of all real estate taxes and assessments levied on the leased Premises and

insurance premiums for fire and extended hazard and all other insurance premiums

including liability insurance for the leased Premises.

 

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      PRO RATA SHARE: Tenant's "pro rata share" shall be the ratio or percentage

which the number of leased rentable space bears to the total number of square

feet of gross rentable floor area of the entire building. The total gross

rentable floor area of the building is 10,749 square feet; the number of leased

rentable square feet of floor area of Tenant's suite is 5,642; Tenant's pro rata

share is 52.5%.

 

      TRIPLE NET LEASE: This Lease is and shall be deemed and construed to be a

"pure net" or "triple net" Lease and the fixed rent and supplemental payments,

including payments for all third-party billings, shall be net to the Landlord in

each month during the term of this Lease.

 

      COVENANTS OF TENANT: Tenant does hereby covenant and agree with Landlord

as follows:

 

      1. Tenant's Premises shall be constructed according to the plans and

specifications attached hereto as Exhibit "A" and made a part hereof. In

addition, Landlord shall grant to Tenant an improvement allowance of Twenty-Five

Dollars ($25.00) per square foot or One Hundred Forty-One Thousand Fifty Dollars

($141,050.00).

 

      2. Tenant will pay said rent at the time and place in the manner

aforesaid.

 

      3. Tenant will make all repairs caused by its negligence to the interior

of the Premises and it will indemnify and save harmless said Landlord from and

against all liens, claims or damages by reason of any repairs or improvements

which may be made by said Tenant on said Premises. The Tenant will make no

changes to the Premises without the consent of the Landlord.

 

      4. Tenant will use and occupy said Premises in a careful, safe and proper

manner.

 

      5. Tenant will fully comply with and obey all laws, ordinances, rules,

regulations, and requirements of all regularly constituted authorities in any

way affecting said Premises, or the use thereof, of this Lease.

 

      6. Tenant will not commit or suffer any waste therein.

 

      7. Tenant will not manufacture or sell, or permit to be sold on the

Premises during said term, any intoxicating liquor.

 

      8. Tenant will not assign this Lease, or underlet said Premises or any

part thereof, without

 

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the written consent of the Landlord, consent of which shall not be unreasonably

withheld.

 

      9. Tenant will make no change in the construction of the building on said

Premises without the prior written consent of the Landlord.

 

      10. Tenant will not cause damage or attach anything to the woodwork or

doors on said Premises. However, Tenant may install a door closure that shall be

mounted to the interior of the door within the suite.

 

      11. Tenant will permit said Landlord or agents of the Landlord upon

reasonable notice to enter upon said Premises at all reasonable times to examine

the condition of said Premises except notice may be dispensed with should entry

upon said Premises by Landlord be necessitated by emergency. Landlord and its

agents shall have the right to exhibit the Premises and to display the usual

"for rent" or "vacancy" signs on the Premises at any time within thirty (30)

days before the expiration of this Lease.

 

      12. Landlord shall not be liable to the Tenant or any other person for any

damage to person or property on said Premises.

 

      13. Tenant will pay all loss and damage occasioned by or growing out of

the use and occupation of said Premises by the Tenant and/or the agents,

subtenants or employees of the Tenant, and that the Tenant will indemnify,

protect and save harmless the Landlord from and against any loss or liability

thereby or therefrom; and from and against any expense, cost and attorney fees

incurred in connection with any such claim.

 

      Tenant shall maintain, at its own expense, fire and extended coverage

insurance upon the Lease improvements and betterments, trade fixtures and

equipment, stock in trade, furnishings and other appurtenances to its business,

in an amount not less than 80 percent (80%) of its full insurable value. In

addition, Tenant agrees to maintain both Tenant and Landlord as insured with

single limits of $1,000,000.00 for bodily injury to or death of one or more

persons and $100,000.00 on account of damage to property arising out of the use

and occupancy by Tenant, its agents, employees, licensees and invitees of the

Premises and/or common areas.

 

      14. All property owned or belonging to Tenant in said building or upon

said Premises shall

 

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be situated thereon at the sole risk of the Tenant. The Tenant shall do nothing

to increase the insurance risk to the building and any


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